Here are 1-3 brief analogies to describe Trustmark (TRMK):

• Like a smaller, regional version of PNC Bank.
• The Bank of America for Mississippi and Alabama.

• Commercial Banking: Provides loans, deposit accounts, and treasury management services to businesses of all sizes.
• Consumer Banking: Offers checking, savings, money market accounts, credit cards, mortgages, and various consumer loans to individuals.
• Wealth Management: Delivers investment advisory, financial planning, and trust services to help individuals and families manage and grow their assets.
• Insurance Services: Provides a comprehensive suite of property, casualty, life, and health insurance products.

Trustmark (TRMK) - Major Customers

Trustmark (TRMK) is a regional financial services company, primarily serving a broad base of individuals and businesses rather than selling to a few major customer companies. Therefore, it does not have "major customer companies" with public symbols in the traditional business-to-business (B2B) sense. Its customer base can be categorized as follows:

• Retail Banking Customers: This category includes individuals and families who utilize Trustmark's personal banking services such as checking accounts, savings accounts, mortgages, personal loans, home equity lines of credit, and credit cards.
• Commercial Banking Customers: Trustmark serves a wide range of businesses, from small businesses to larger commercial enterprises. These customers rely on Trustmark for business loans, lines of credit, treasury management services, business checking and savings accounts, and other commercial financial products.
• Wealth Management & Trust Clients: This category encompasses high-net-worth individuals, families, and institutional clients who seek services such as investment management, financial planning, estate planning, and trust administration.

Duane A. Dewey, President and Chief Executive Officer

Mr. Dewey has served as the President and Chief Executive Officer of Trustmark Corporation and Trustmark National Bank since January 2021. He joined Trustmark in 2003 as President of Wealth Management. Throughout his tenure at Trustmark, he assumed management responsibilities for various divisions including Corporate Banking, Retail Banking, Community Banking, Commercial Real Estate, Institutional Banking, Treasury Management, and Insurance. Before joining Trustmark, Mr. Dewey was Managing Director and Senior Vice President of Provident Financial Advisors. He also spent fourteen years with Bank of America, working in Corporate Banking and directing a Private Client Group regional office.

Thomas C. Owens, Treasurer and Principal Financial Officer of Trustmark Corporation; Executive Vice President and Chief Financial Officer of Trustmark National Bank

Mr. Owens succeeded Louis E. Greer as Treasurer and Principal Financial Officer of Trustmark Corporation and Chief Financial Officer of Trustmark National Bank, effective March 1, 2021. He previously served as Executive Vice President and Bank Treasurer of Trustmark National Bank since 2013.

Gerard R. Host, Chairman

Mr. Host has been the Chairman of Trustmark Corporation since 2022. He previously served as the President and Chief Executive Officer of Trustmark Corporation from 2011 to 2020. Mr. Host joined Trustmark in 1984 and has held various executive management positions, including president and chief operating officer of the General Banking, Consumer Services, and Financial Services divisions, as well as chief financial officer. He also served as Chairman of Pulse-EFT Association, which is now a Discover Financial Services company.

Granville Tate Jr., Secretary and Chief Administrative Officer

Mr. Tate has served as the Secretary of Trustmark Corporation since December 2015 and as Chief Administrative Officer of Trustmark National Bank since January 2021. He joined Trustmark in 2015, following a career representing Trustmark at the Brunini Law Firm. He also previously held roles as Chief Risk Officer and General Counsel of Trustmark National Bank.

George T. Chambers, Jr., Principal Financial Officer and Chief Accounting Officer

Mr. Chambers has been the Principal Financial Officer of Trustmark Corporation and Chief Accounting Officer and Executive Vice President of Trustmark National Bank since March 2021. Prior to this, he served as a Senior Vice President and Controller of Trustmark National Bank from 2009 to 2021.

The key risks to Trustmark's business include:

1. Economic and Market Conditions / Credit Risk: Trustmark is exposed to changes in local, state, and national economic and market conditions. These changes can significantly impact the level of nonperforming assets and charge-offs, as well as the overall financial health of its borrowers. A specific focus on the Southeast region also makes the company vulnerable to regional economic downturns.
2. Interest Rate Risk: Material fluctuations in market interest rates pose a significant risk to Trustmark's profitability. As a financial institution, changes in interest rates directly affect its net interest margin, which is a primary driver of earnings.
3. Competition and Technological Changes: Trustmark faces substantial competition in loan and deposit pricing, along with the threat of new market entrants. A key challenge is the potential for lagging behind larger competitors in digital transformation and scale, which could undermine its competitiveness, limit future earnings growth, and impact its ability to efficiently meet customer needs through evolving technologies.

The primary emerging threat for Trustmark (TRMK) is the continued and accelerating unbundling of traditional banking services by specialized fintech companies. These digital-first competitors are targeting specific segments of the financial services market—including deposits, lending, payments, and wealth management—offering more agile, often lower-cost, and user-friendly alternatives to traditional banking products. This distributed competition threatens to erode Trustmark's customer relationships, market share, and revenue streams across various product lines. Unlike a single disruptive entity, the threat comes from a collective ecosystem of fintechs chipping away at different parts of the value chain, leading to a potential decline in core deposit funding, lending volumes, and fee income as customers opt for specialized digital providers for individual financial needs.

Trustmark Corporation (TRMK) operates primarily in the U.S. market, offering a diversified range of financial services including banking, wealth management, and insurance solutions. The addressable markets for these main products and services in the United States are substantial:

• Banking (U.S. Region): Trustmark provides traditional banking products and services, such as checking and savings accounts, loans, mortgages, and treasury management. The U.S. commercial banking market is estimated at approximately USD 732.5 billion in 2025 and is projected to grow to USD 915.45 billion by 2030. The U.S. retail banking market is valued at USD 0.87 trillion (USD 870 billion) in 2025 and is forecasted to reach USD 1.08 trillion by 2030.

• Wealth Management (U.S. Region): Trustmark offers financial planning, investment management, and trust and estate services. The U.S. wealth management market, based on assets under management (AUM), was the largest globally in 2024 with approximately USD 64.4 trillion, with projections to reach USD 87.35 trillion by 2028. The United States is expected to hold 54.2% of the total global AUM in 2025.

• Insurance (U.S. Region): Trustmark's insurance offerings include life, health, and voluntary employee benefits. The U.S. insurance market size was USD 3.7 trillion in 2024 and is projected to grow to USD 9.1 trillion by 2032. Other estimates place the U.S. insurance market at USD 3.239 trillion in 2025, forecast to reach USD 3.851 trillion by 2030. Additionally, net premiums written for the U.S. insurance industry totaled $1.7 trillion in 2024.

Trustmark Corporation (TRMK) anticipates several key drivers for its revenue growth over the next two to three years:

1. Organic Loan and Deposit Growth in Strategic Markets: Trustmark expects mid-single-digit growth in loans held for investment and low single-digit growth in deposits for the full year 2025, excluding brokered deposits. This growth is significantly driven by the company's strategic expansion and talent acquisition efforts in high-growth markets within the Southeastern U.S. and Sun Belt regions, including Houston, Atlanta, and Birmingham.
2. Optimized Net Interest Margin (NIM) and Interest Rate Environment: The company is focused on managing its net interest margin, with guidance set between 3.77% and 3.83% for the full year 2025. Trustmark is also preparing for potential Federal Reserve rate cuts, which could further influence its financial performance as an asset-sensitive institution.
3. Expansion of Non-Interest Income: Trustmark is positioned to increase its non-interest income, particularly through fee-based wealth management and financial planning services. This growth is expected to be fueled by ongoing generational wealth transfer and increasing affluence among younger demographics.
4. Strategic Mergers and Acquisitions (M&A): Trustmark continues to explore potential mergers and acquisitions, specifically in the $1 billion to $5 billion range. The company has indicated a focus on markets such as Louisiana, Arkansas, and Tennessee for these strategic opportunities, which could contribute to expanded market share and revenue.

Share Repurchases

• Trustmark Corporation announced a new $100 million stock repurchase plan on December 4, 2024.
• Under the buyback plan announced on December 3, 2024, Trustmark repurchased 1,044,140 shares for $37.03 million by September 30, 2025.
• This includes 280,000 shares repurchased for $11 million between July 1, 2025, and September 30, 2025.

Share Issuance

• As of January 31, 2023, there were 60,979,518 shares of common stock issued and outstanding.
• The company's performance awards, which vest over three years, are granted to executive and senior management teams.

Outbound Investments

• Trustmark signed a definitive agreement to sell its insurance agency, Fisher Brown Bottrell Insurance (FBBI), to Marsh McLennan Agency in a cash transaction valued at $345 million, announced on April 24, 2024.
• The transaction was expected to close during the second quarter of 2024.
• FBBI contributed 7% of the bank's net income in 2023, while the purchase price represented over 20% of the bank's market capitalization.